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to compromise to keep the economy on track ass said by tom baker. >> do you know what the fiscal cliff is? >> actually i don't. >> do you know what the fiscal cliff is? >> i haven't a clue what a fiscal cliff is. >> i haven't heard of that term. >> reporter: you will, and soon. >> enormous changes that are currently scheduled to happen on new years day. >> reporter: absent a deal, there will be automatic tax increases for everyone, massive budget cuts and a huge reduction of the federal budget. >> there will be very large cuts in defense spending. there will be equally large cuts in non-audience spending. what that means of course request is that the government will buy many fewer things. hundreds of billions of dollars less. >> reporter: government will have far less money to spend and businesses will have less money. >> it will be big enough that it will be noticeable and it will be painful. >> reporter: huge layoffs across the board possible, and the economy may stall. >> it's entirely possible that you could see a recession. >> reporter: now that we know. >> i hope it's not us who hav
tomorrow on economy and america's impending fiscal clip. she will avoid tax cuts and spending cuts that will undermine the account economy. >>> wall street endured a second straight day of sauce losses. concerns about congressional gridlock on fiscal clip out weight encouraging news about another decline in weekly jobless claims. still coupons are taking after a disappointing report. analysts expected a slight profit. shares after hours are down 15% and now about 80% off a $20 per- share ipo price last november. >>> twitters says it accidentally reset passwords for a number of users after some accounts were hacked. think of this go micro blog over to a number of users about a suspected phishing scam and reset their passwords. other users have their passwords reset even though they were not compromised and twitter apologized. >>> traffic was gridlock in one part of the state as shoppers went to a new outlet mall. rob will tell us how that spending is expected to pay off big for the city of livermore. [ cheering ] >> champagne, confetti. the celebration began this morning here on la
is not the answer. >> everyone wants to get our economy moving again. everyone wants more americans back to work again. raising tax rates will slow down our ability to create the jobs that everyone says they want. >> reporter: without an agreement the average american household could see a taxip crease of $3500 putting a debt in the deficit but hitting consumer spending as the economy struggles to get back on track. in washington, back to you. >> skepticism about a compromise derailed a rally on wall street. the dow got a 4 point gain. it was a rough week for both indexes as each lost more than 2%. >>> bay area congresswoman, spear, says she believes compromise to avoid the cliff is possible but that it has to come from both sides of the aisle. >> i think the miles an the american people spoken loud and clear. that is something that the respects take to heart. other waoeusz the tax cuts will just expire. they will expire on everybody. >> one analyst we talked with pressure from the public can help break the deadlock in congress. >>> president barack obama has a visit to new york next week to r
cards. so if we all bought. maybe some of those cards, think of what that could do for our local economy. >> mayor kwan says, that she might -- most of the lights are on back now at the san francisco city hall after a small electrical fire i go united a basement electrical vault last night. parking lots are still without power, but should fully be restored by firing tonight. fire officials told us that it was an electrical fire but the exact cause is under investigation. >> they should go after me. >> barack obama's blistering response to critics. who is he defending plus his first comments of the petreas affair. >> the good news for consumers and why the fisher men call this the last of the wild west. >> temperatures have peaked, how much cooler you can expect for thursday, and when several of the storms move back in for our local forecast. (car horn) paying with your smartphone instead of cash... (phone rings) that's a step forward. with chase quickpay, you can send money directly to anyone's checking account. i guess he's a kicker... again, again! oh, no you don't! take a step forward
Search Results 0 to 3 of about 4

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